(Bloomberg) – As the Federal Reserve gears up for its last meeting of the year, a report shows that the highest inflation seen in decades hit some of the best-performing stocks on the stock market.
Revered by investors during the pandemic for their strong balance sheets, the tech giants dragged stocks lower on Tuesday. Sentiment soured on concerns that rising producer and consumer prices will pressure the Fed to act more aggressively. While officials have not signaled they will rush to toughen policy, a hasty turnaround is seen as the biggest downside risk for stocks in 2022, according to an informal Bloomberg News survey of fund managers.
Here are some of the main movements in the markets:
Actions
- The S&P 500 fell 0.7% at 4 p.m. New York time
- The Nasdaq 100 fell 1%
- The Dow Jones Industrial Average fell 0.3%
- The MSCI World Index fell 0.8%
Foreign exchange
- The Bloomberg Dollar Spot Index rose 0.3%
- The euro fell 0.2% to $ 1.1256
- The British pound was little changed at $ 1.3227
- The Japanese yen fell 0.2% to 113.74 per dollar
Bonds
- The 10-year Treasury yield advanced two basis points to 1.44%.
- Germany’s 10-year bond yield advanced one basis point to -0.37%
- The yield on UK 10-year bonds advanced three basis points to 0.72%
Basic products
- West Texas Intermediate crude fell 1.3% to US $ 70.36 a barrel
- Gold futures fell 0.9% to $ 1,771.80 an ounce
Original Note:
Traders Fret About Inflation in Countdown to Fed: Markets Wrap
More stories like this are available on bloomberg.com
© 2021 Bloomberg LP